1. D-Wave Quantum shows early signs of commercialization with increased backlog, R&D progress, and real-world applications across industries; 2. Improved balance sheet strength due to equity raises and better cash flow extends funding runway; 3. Despite fair valuation, high short interest levels raise upside risk from a potential short squeeze.

1. The market breadth broadening was an illusion caused by a gamma squeeze in small-cap stocks. 2. A steeper yield curve led to regional banks rallying, not small caps. 3. The surge in small-cap stocks was likely temporary, driven by short squeeze and IWM basket buying mechanics.